You have decided that now is the time to sell your small business, now what? There are many ways to go about the sale of your company; however, one of the most difficult decisions you will make is what to do with your company. There are several methods you can use to sell your small business including using the services of a professional broker or marketing your business on your own. Either way, you have several options to choose from, but which one is right for you?

When selling your small business it is better to use a lawyer and an accountant to help you with the legal proceedings. This is an excellent method if you are not familiar with the legal system and want to make sure that you are protected.

The initial step, you will need to take when selling a company by yourself is compiling the required financial documents to complete the paperwork.

The next step in selling a company by yourself is contacting your accountant and business brokers. These people have extensive experience in working with businesses to complete the appropriate paperwork to sell them.

One mistake that many new sellers make is asking too much for the company. When you set the selling price too high, you will scare off potential buyers. Before you set a price, you should obtain accurate information on the financial statements of the business. Assess the cash flow and profit margin of the company to determine its worth. Then, make sure to properly deduct the expenses that go into establishing the value of the company. Remember, if you are serious about selling your business, you need to stay within the set price so you do not lose out on money during the process of selling.

Therefore, it is best to get an accountant to assist you in valuing your business as well as get involved in the negotiation process with your buyer.

Most business owners find the assistance of an experienced professional to be invaluable when selling their businesses because the professional’s experience in the industry helps them better understand the requirements that must be met to have the transaction approved. Many exit professionals are able to assist business owners by obtaining the appropriate paperwork needed to meet all of the required changes that must be made to the company’s ownership.

Marketing your small business online is another option for selling a company by yourself. While it is important to utilize all avenues available to you when planning a successful exit strategy, online marketing is one of the easiest and least expensive methods available. Online marketing is an excellent tool for selling a business due to the fact that it allows you to reach potential buyers around the world. By using a variety of search engine optimization strategies, online marketing will also increase your chances of obtaining a good price for your small business.

As you work to complete your selling process, make sure to keep track of any offers made by prospective buyers. It is important that you understand the steps involved in making an actual sale, and you should consult with your lawyer before signing any type of sales contract. You would need to speak with your Corporate secretary to ensure that ACRA and IRAS is notified and proper forms signed and taxes paid on the sale.

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